Taiwanese well-known payment service provider explores cross-border blockchain, extending applications of virtual currency.

The topic of blockchain has been hot for a while now, and Taiwan is gradually catching up with this fast-moving technology. However, despite this, the general public in Taiwan still tends to view virtual currency as a scam. Why is that?

Our usual fiat currency, the New Taiwan Dollar (TWD), is backed by the credit of the government, and we trust the government to use fiat currency for transactions. However, the general public often does not understand the underlying structure of cryptocurrencies. Comments such as "Isn't Bitcoin just a bubble?" and "Why not use the US dollar instead of stablecoins?" are constantly being made.

Virtual currencies, as the name suggests, are traded online and do not involve physical banknotes, giving the public an unrealistic feeling. But what if we think of it as loyalty points? Stores like FamilyMart, 7-Eleven, PX Mart, gas stations, etc., all have some form of "reward mechanism" that uses the public's expectation psychology to create a win-win situation between businesses and consumers.

This "loyalty points" can be considered as part of assets in a way. What if we convert it into a form of virtual currency?

Thus, Wan Coin was born. Wan Coin is a virtual currency service derived from the Wan PAY mobile payment of its parent company, Waku E-commerce. Stores only need to place a QR code on the table for consumers to scan, and the transaction completion and rewards will be recorded together.

Moreover, Wan Coin is a stablecoin pegged 1:1 to the New Taiwan Dollar, and it uses the Lightning Network for mobile payments to solve the problem of slow speeds in small payments. With the era of mobile payments approaching, paper money will gradually be phased out, as we can see from the increasing trend in the chart below.

Currently, Wan PAY has partnered with over four thousand merchants and two thousand referrers, distributing nearly two million NT dollars in bonuses every month on average. The reward mechanism requires stores to share 10% of profits, as CEO Jiang Jianliang mentioned:

Of course, convincing businesses at first is not easy, as 10% of profits is not a small number. However, through profit distribution mechanisms and giving back Wan Coin to consumers, increasing consumption within the mechanism, we can effectively help businesses attract more customers. By combining online stores with the Wan To Home service, businesses can easily enter new retail markets, reciprocating benefits to consumers. Typically, when one business district or night market joins, most others will follow suit. Therefore, after hearing our explanation, the likelihood of joining is quite high.

As more and more virtual currencies are issued to optimize different transaction processes, they often lack trading volume on exchanges, making their issuance seem illusory. SOLA was created to solve this problem. The introduction of SOLA wallet effectively addresses the issue of trading volume for different virtual currencies, increasing visibility and providing a platform to integrate various virtual currencies. SOLA Coin was also launched for use within the SOLA wallet platform for coin-to-coin exchanges, offering fee reductions.

SOLA adopts Ethereum's ERC-20 public blockchain technology, employing node system technology to develop Lightning Payments, aiming to create a DAPP platform ecosystem to enable sustainable currency flow. The initial issuance will only release 20% for subscription to ensure price stability in the future, with annual reviews of market circulation prices. If the market price falls below the ICO issuance price, a certain percentage of the total coins will be repurchased for destruction.

SOLA wallet and Wan Coin not only bring about the possibility of popularizing the blockchain ecosystem but also allow physical stores to easily connect with new retail through online trading systems and create a win-win commercial model. They enable effective utilization of virtual currencies, resolve tax issues, and are expected to become iconic virtual currency platforms in the future.

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